This application proposes a five year continuation of the NBER training program in aging. The program has been extremely successful: (a) providing a strong background in aging-related research to a select group of young scholars in economics; (b) inspiring some of the best new PhDs in economics to develop a long-term research agenda in aging, (c) laying the foundation for a whole range of NIA-supported research projects by former trainees, and (d) enriching the environment for aging-related research at the NBER. Support is requested for eight pre- doctoral fellowships and two post-doctoral fellowships annually. The NBER training program is made up of three formal components: (i) seminars, workshops and conferences, (ii) coursework, and (iii) independent research. However, it is in many ways the "informal" components that give the NBER program its unique character and value. There are at least two dozen research projects underway at the NBER on issues in aging. Surrounding these research projects, there are innumerable working group meetings and informal interactions relating to the conduct of these investigations. Trainees are an integral part of this dynamic environment, participating actively in working groups that relate most closely to their research interests; and gaining exposure to the many other working groups that relate most closely to their research interests; and gaining exposure to the many other working groups on other topics in aging. It is both the breadth of exposure and, at the same time, the intensive participation in research with senior scholars that makes this environment so exceptionally well-suited for training in the economics of aging.